New Sight to Economic Development Progress in Developing Countries

Abstract

Economic development is a current phrase that seems so easy to define, but in truth is too equivocal word. Although this word was born after the Second World War, Smith’s invisible hand has already pointed the notion of economic development as growth in income per capita. Even today, economic development is synonym with the high level of income per capita and reduction of poverty to achieve the improved well-being and standard of living. It is the rational result of deep gap among poor and rich countries. Hence, development is not a word which we can put border for each especial dimensions. Development must include the other dimensions like social, economic, cultural and political development, all moving together. In this paper, we will show the usage of economic growth to explain a special filed of development is a mistake. A society will experience economic development when the whole of the dimensions of development is achieved along with economic growth. The final goal of this paper is to show a new viewpoint of development progress to prepare the background for human talent to flourish.